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Dow Jones Private Equity Analyst Sources of Capital Survey 18 Private Equity Analyst June 2015 Analysis

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Dow Jones PRIVATE EQUITY ANALYST June 2015 Sources of Capital Smallest Endowments Look Beyond Yale Model Small Universities Embrace PE p.14 Pension Funds Remain Top LPs p.17 INSIDE PE Firms Speed Up Portfolio Company Exits p.20 Kentucky Raises PE Bar Amid Funding Woes p.23 Spirits Capital Toasts Millennials’ Taste Buds p.24 Heavy Debt Weighs on Weight Watchers p.38 is pleased to announce the closing of ASIA ALTERNATIVES CAPITAL PARTNERS IV, LP AACP IV EX-JAPAN INVESTORS, LP $1,000,000,000 A private equity fund-of-funds formed to invest in a diversified portfolio of Asian managers April 2015 The undersigned acted as the global placement agent and arranged for the private placement of certain limited partnership interests. Private Equity Analyst June 2015 contents Volume XXV, Issue 6 Comment Limited Partners u Editor’s Note u Kentucky Retirement Systems Raises Japan’s GPIF and the Curse of the Large Limited Partner 3 the Bar for PE as It Faces Funding Woes 23 News Fund News u Briefs u General Partners: Buyout Cobepa Starts U.S. Operations, SEC Examining Spirits Capital Cheers On Blackstone Fees, Carlyle Plots Return to Silicon Valley 4 Millennials’ Taste for the New 24 This Month in PEA’s Pages... 5 u General Partners: VC Best of Our Blogs 9 Menlo Ventures Stays Fresh u Comings & Goings With $400M for Fund XII 25 Mike Duke, Ted Ullyot, Ronald Cami, Saguna Malhotra 12 u The Roundup Banc Funds Closes on Around $416M for Bank Deals 26 Analysis I Squared’s Debut Infrastructure Fund Collects $3B 27 Atlas Venture Hits $280M Cap for Biotech-Only Fund 30 u Top Story IVP Reaches $1.4B Final Close on Fund XV 31 Beyond Yale: Small Endowments Redpoint Ventures Gathers $400M for Fund VI 32 Embrace PE With Their Own Models 14 Elysian Capital Hits £180M First Closing on Debut Pool 34 EQT Sets €6.75B Hard Cap for Latest Fundraising Effort 35 Lightspeed Raising Up to $115M for India-Focused Fund 37 Deals & Exits u LBO Focus Debt Weighs On Weight Watchers as Dieters’ Habits Change 38 u VC Focus Venture Capital Continues to Flow Into Chinese Startups 40 People u Rising Stars u Features Deal Makers Dominate Europe’s Under-40 Rising Stars 42 Pensions Are Still LP Top Dogs, but Wealthy Investors Gain Ground 17 u Q&A Spring Cleaning: PE Firms Exit A Private Word With David Wilton 44 Portfolio Companies at Faster Pace 20 Amid Tepid Returns, LPs Approach Emerging Markets Cautiously 21 u Industry Data Despite Exits, PE Returns Disappoint 22 2 Private Equity Analyst June 2015 editorial Managing Editor, Newsletters Reporter, Private Equity Private Equity Analyst Nicholas Elliott Hillary Canada Sales & Marketing [email protected] [email protected] Director of Sales Erin Sheepo | 415-439-6619 [email protected] Assistant Managing Editor, Reporter, Private Equity Marketing Manager Private Equity Shasha Dai Alexis Cope | 212-416-3570 Laura Kreutzer [email protected] [email protected] [email protected] Advertising Account Executives News Editor, Private Equity Reporter, Private Equity Joseph Koskuba | 212-416-3879 David Smagalla Dawn Lim [email protected] [email protected] [email protected] James Lindquist | 415-439-6665 [email protected] Editor, Europe Reporter, Private Equity Production & Design Manager, Production Ayesha Javed Amy Or Tim White [email protected] [email protected] Assistant Manager, Production Tara Sapienza Cooper Editor, Venture Reporter, Private Equity Desktop Publishers Mike Billings Lillian Rizzo Heather Graham, Renee Kohut [email protected] [email protected] Administration CEO, Dow Jones & Co. William Lewis Editor, Venture Reporter, Venture [email protected] Christopher Zinsli Lizette Chapman Published monthly at 1211 Avenue of the Americas, [email protected] [email protected] Fifth Floor, New York, NY 10036 ISSN No 2156-7271 Editor, Private Equity Reporter, Venture Dow Jones Private Equity Analyst, Financial Markets, Thomas Dunford Yuliya Chernova Building 1, P.O. Box 300, Princeton, NJ 08543 [email protected] [email protected] © 2015 Dow Jones & Company, Inc. All rights reserved. Dow Jones & Company is a News Corp Company. Copying and redistribution prohibited without permission Editor, Private Equity Reporter, Venture of the publisher. Dow Jones Private Equity Analyst is Michael Lucas Deborah Gage designed to provide factual information with respect to [email protected] [email protected] the subject matter covered, but its accuracy cannot be guaranteed. Dow Jones is not a registered investment adviser, and under no circumstances shall any of the Editor, Private Equity Reporter, Venture information provided herein be construed as a buy or Chitra Vemuri Russ Garland sell recommendation, or investment advice of any kind. [email protected] [email protected] www.dowjones.com/privatemarkets/pea.asp Subscribe to Private Equity Analyst Reporter, Asia Reporter, Venture www.dowjones.com/privatemarkets | 877-633-8663 Sonja Cheung Brian Gormley Customer Service 609-520-7779 or 866-291-1800 [email protected] [email protected] Reprint Services 800-843-0008 Reporter, Europe Reporter, Venture Photo Credits Alec Macfarlane Tim Hay cover, p1: f11photo/shutterstock.com; p5: Justin [email protected] [email protected] Sullivan/Getty Images; p6: Shutterstock.com; p8: Douglas Litchfield/Shutterstock.com; p9: Helga Esteb/Shutterstock.com; p11: ©istockphoto. Reporter, Europe Reporter, Venture com/Mice007; p15: hxdyl/shutterstock.com; p17: Becky Pritchard Lora Kolodny ©istockphoto.com/DPLight; p20: Jarous/Shutterstock. com; p21: ©istockphoto.com/clintspencer; p24: Cristi [email protected] [email protected] Lucaci/Shutterstock.com; p26-37: ©istockphoto.com/ scibak (maps); p39: ©istockphoto.com/Lya_Cattel (Weight Watchers), ©istockphoto.com/wragg (tape measure); p43: ©istockphoto.com/OJO_Images To trial our sister publication Private Equity News contact: T: +44 (0)20 3217 5374 | E: [email protected] 55% Recycled Fiber Follow us on Twitter at @DJPrivateEquity and @DJVentureWire. 30% Post Consumer Fiber Visit us online at http://pevc.dowjones.com Private Equity Analyst 3 June 2015 comment Japan’s GPIF and the Curse of the Large Limited Partner years firms, at least initially, to invest capital as efficiently Over the past five or so, as possible. In an environment where pricing Japan has hardly been a robust source of capital for investments has already approaching, if not for private equity firms on the fundraising trail, exceeding, boom-era levels, an influx of even more particularly when compared to some of its Asian capital could put downward pressure on the very neighbors, most notably China. returns GPIF needs to help support the nation’s rapidly aging population. But that may be about to change, thanks to recent reforms pushed by Japanese Prime Minister Shinzo That said, even a dip in median private equity Abe that have led to allocation shifts by the Japan’s returns may still outperform traditional stocks and national pension system, the Government Pension bonds over the long run, particularly amid somewhat Investment Fund, also the world’s largest pension pool. lackluster global growth rates of late. Over time, the GPIF expects to invest up to 5% That backdrop has helped ensure that pension funds of its 137 trillion yen ($1.1 trillion and, yes, you remained the mainstay of private equity over the past read that year, as evidenced in our latest Sources of Capital correctly, trillion) survey (Pensions Are Still LP Top Dogs, but Wealthy Laura Kreutzer portfolio to Investors Gain Ground). However, family offices and Assistant Managing alternative assets wealthy investors, as well as investors from areas of Editor, Private Equity such as real Asia outside of Japan, also expanded their share of estate, private the commitment pie. Analyst equity and infrastructure, Also in this month’s Sources of Capital issue, mainly within Dawn Lim reports that some of the nation’s its equity and fixed income portfolios. GPIF easily smallest endowments are looking beyond the has the potential to become the largest new limited Yale model as they carve their own paths into partner the industry has seen in a long time. Even private equity (Beyond Yale, Small Endowments a modest 5% allocation would translate into an Embrace PE With Their Own Models), and alternatives portfolio of some $50 billion. Hillary Canada covers the renewed caution among LPs toward emerging markets private As anyone who has lived in Japan knows well, equity (Amid Tepid Returns, LPs Approach change often comes slowly. Expansion into Emerging Markets Cautiously). alternative assets is likely to be gradual, particularly given the reforms underway at GPIF have Stay tuned for our midyear fundraising issue next themselves been subject to political debate. month as well as coverage from this year’s Private Equity Analyst conference. But even if the pension system starts with only a modest 1% allocation, investing such a large As always, we welcome your feedback on how we amount of capital would pose challenges both for can improve our coverage. GPIF and the industry itself. As most fiduciaries know well, given the time it takes for private equity firms to find deals, GPIF will have to commit more Sincerely, to the asset class than the allocated amount in Laura Kreutzer order to get the money invested. Assistant Managing Editor Dow Jones Private Equity Analyst Even if it builds a large investment staff, it will [email protected] likely need to lean heavily on large global buyout @LauraKreutzer 4 Private Equity Analyst June 2015 news Briefs “This is a positive change.” SEC: PE Improving Disclosure – Marc Wyatt, acting director of the SEC’s Offce of Compliance, Inspections and Examinations, on moves by the private equity industry to review and change practices Private equity firms have improved their disclosure of fees and expenses but on the disclosure of fees and expenses the regulator found questionable.
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